The Thermal Energy Storage Market is expected to register USD 67.22 billion by 2030 with a CAGR of 12.50%, and the market is valued at USD 26.2 billion in 2022. The thermal energy storage system is used to store energy for future use. Thermal energy storage is also called heat storage. It is an efficient method to transfer energy without chemical conversion. It is an eco-friendly and feasible energy-saving solution. The system reduces energy conservation, carbon dioxide emission and many others.
The system’s effectiveness depends on the type of material used in solar plants, combined heat and power plants, thermal power plants etc. the market is driven by many industries acquiring renewable energy sources for future use. Pandemic affected the Thermal Energy Storage Market negatively to lessen the limit of the virus spread; the government took several steps like quarantine, zero movement, and others. The market was unable to get raw materials and manufacturers. The production was stopped. proper social information by the government and awareness by the people of the different countries are driving factors for the market.
The flexibility in usage and improvement in the rate of construction of buildings are forming new growth opportunities for the market. The initial installat6ion cost and complex design and operation can challenge the market growth and drawback the market from going forward.
The market is segmented into technology, application and materials. Based on the technology, the market is classified into Sensible heat storage, Latent heat storage, Thermochemical storage. The material is fragmented into molten salts, phase change materials, water and others. by the segment application, the thermal energy storage market is bifurcated into centralized heating and cooling, power generation and decentralized heating and cooling. Sensible heat thermal is expected to register high growth. The sensible heat thermal storage is achieved by heating the storage medium that increases its energy content but not without changing the state in the accumulation time. All the segments contribute to the market growth and push the market forward.
The Thermal Energy Storage Technologies market has been divided into Europe, North America, Asia Pacific, Middle East, Africa, and Latin America. North America holds the largest growth rate due to its high energy storage capacity. Thermal energy storage is used to provide cooling capacity to commercial buildings. The Asia Pacific will experience the second-highest growth due to the rising population, high energy use and strict usage of renewable energy.
The European region is inclined to the green environment and uses green energy. They are inclining towards the thermal energy which propels the Thermal Energy Storage Market. Market players of several regions are interested in investing in the market and contributing to the growth. The market is availing further growth in the forecast period.
The thermal energy startup Antora energy raised US$50 million from a bunch of investment firms in which bill gates firm was also included to accelerate the development of its heat-based carbon block energy storage system.